Class B Shares

Class B Shares

Shares in a mutual fund with a back-end load. For class B shares, a certain amount of one's investment is deducted for the commission of mutual fund's salesperson when one sells the shares. That is, one gives the salesperson a certain percentage of the share's value if one decides to sell it within five to 10 years, depending on the specific nature of the agreement. The size of the fee usually declines by the year until the maximum number of years is reached.

But it was PBA's Penado, a fiftyish regular participant in various local events, who scored the day's surprise by carding 1285 on 693 and 592 to take over Class B's top spot, ahead of TBAM-Prima's Joshua Autida (1247) and Sletba's Ted Victorino (1146).

CLASS C shares might have a 12b-1 fee and a CDSL or front-end sales load, but the CDSL or sales load would be lower than Class B's CDSL or Class A's front-end sales load, and the class would not convert to another class.

The downgrade of the class B notes reflects a worsening in the minimum of average and median rent-adjusted free cash flow (FCFR) debt service coverage ratio (DSCR) to 1.5x from 1.6x in January 2018, and the breach of our downgrade sensitivity.

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